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blah678 blah678
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6 years ago
Price fixing is illegal in the United States.
 a. True
  b. False

QUESTION 2

Which characteristic of perfect competition ensures that economic profit will be zero in the long run?
 a. each firm's output is small in relation to total market supply
  b. buyers and sellers are fully informed about the price and availability of all resources and products
  c. the product is homogeneous
  d. there is freedom of entry and exit in the market
  e. firms are price takers

QUESTION 3

United Parcel Service and other parcel post carriers have expanded in part because
 a. the U.S. Postal Service licensed them the right to deliver first-class mail
  b. Congress gave patents to these companies
  c. the U.S. Postal Service does not have a monopoly on all types of mail
  d. the telephone has replaced the letter as a means of correspondence
  e. Congress has all but eliminated funding for the U.S. Postal Service

QUESTION 4

Mere size is no offense is an antitrust ruling based on the rule of reason.
 a. True
  b. False

QUESTION 5

Long-run equilibrium for a perfectly competitive firm occurs when
 a. P = MC = MR = ATC
  b. MC = MR = AFC = ATC
  c. MC = MR = P > ATC
  d. P > MC > MR > ATC
  e. TR > TC
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PitaPita
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6 years ago
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blah678 Author
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#2
6 years ago
Makes tons more sense now! Vote with confidence people, these are all correct
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#3
6 years ago
Slight Smile Feeling super proud now
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